Biotechnology: A Promising Industry in the Post-Pandemic Era (Riyadh Valley Company)

Summary

• The global biotechnology market was valued at about $1224.31 billion in 2022 and is expected to grow at a compound annual growth rate of 12.8% between 2023 and 2030.p.4
• The biopharmaceutical segment achieved the largest revenue share of 41.46% in 2022.p.4
• Global venture investment in biotechnology fell from $37 billion in 2021 to $25 billion, with Series B funding rounds down by nearly 50%.p.7
• The Middle East biotechnology market was estimated at $31.4 billion in 2022 and is expected to grow at a compound annual rate of 14.3% between 2022 and 2030.p.8
• In 2023, the UAE government allocated $1.3 billion from its federal budget to healthcare and community protection.p.9
• Saudi Arabia spent $3.86 billion on research and development in 2021.p.10

Key insights

1. The global biotechnology market is expected to reach $3210.71 billion by 2030.p.12
2. According to McKinsey, 96 products are expected to launch between 2022 and 2026.p.12
3. Investors were cautious about clinical trial results before joining Series B rounds in 2022 because of tighter monetary conditions.p.7
4. The UAE and Saudi Arabia hold the largest share of the Middle East biotechnology market.p.8
5. Saudi Arabia plans to invest $1 billion annually in research on anti-aging therapies.p.10
6. Saudi Arabia's Public Investment Fund created Lifera in June 2023 to attract biotechnology companies to invest in the region.p.9